Contractor business bank accounts
Business accounts for contractors are very simple and straightforward, they are designed for individuals who are classed as contractors, self-employed or sole traders. Those who fit into these professions will generally use their business accounts for a much smaller amount of transactions, they will usually have smaller balances on their accounts – compared to larger businesses. A high street bank may not be required in this case.
Accounts for contractors can also have less restrictions than those for larger companies, this includes the fact that no minimum balance is required and that the application process is much simpler. A less complicated application process can be a huge help when it comes to setting up a contracting business it can also save you some time during the set up – as you are on your own time is very precious!
Even though contractor accounts are created to have a simpler application process than standard accounts, they will still offer you the same benefits such as direct debits, potential overdraft options and online account management.
Benefits of a contractor bank account
No minimum balance required
As contractors generally have lower levels of transactions than large businesses, most contractors accounts have no minimum balance requirement
Control your account online
Many business bank accounts include the option to manage your account and payments online, giving you greater control of your finances
Free banking periods
Business bank accounts, including contractor accounts, can include free banking for periods of up to 26 months when you sign up for a new account
Low monthly fees
After any free banking period, the fees for contractor accounts are generally lower than standard business accounts, as contractors generally have less transactions and lower balances than a large business account.
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